Tag: Recruitment

The employment index in the NAB’s monthly business survey jumped to the highest level on record in February, suggesting that strong hiring levels will likely continue.
With strong levels of population growth, elevated hiring levels will need to continue to help lower unemployment and lift wage pressures.
Australian employment growth roared back to life in 2017, adding over 400,000 jobs, the most over a calendar year on record.
While he admits the employment index has overstated total employment growth in Australia over the last year, Alan Oster, Chief Economist at the NAB, says the latest reading suggests hiring levels will likely remain elevated in the months ahead.
“If the surge in the employment index is maintained you would expect to see jobs growth of around 27,000 per month,” he says.
As Oster points out, business conditions are currently the best they’ve ever been, according to survey respondents, with trading and profitability both at extremely elevated levels.
“In the breakdown, the strength in the employment index appears to owe almost entirely to stronger gains in the mining sector, and concentrated in Western Australia,” said Henry St John, Economist at JP Morgan.
“Capacity utilisation, which offers a better signal on the trajectory of the unemployment rate, edged lower to 82.5% from 82.7%.” Markets will get to decide themselves on the current strength of the labour market, and whether the recent hiring spree of 2017 will continue in the months ahead, with the ABS set to release Australia’s official jobs report for February on Thursday, March 22.
Many will be hoping that the NAB is right that progress has been made on lowering underutilisation in recent months, especially those workers in the private sector whose wages are barely keeping up with inflation.
Want to read a more in-depth view on the trends influencing Australian business and the global economy?

It was accompanied by the biggest surge in 15 years in the number of people either working or looking for work.
That kept the nation’s unemployment rate unchanged for a fifth straight month at 4.1 percent.
At the same time, average wage growth slowed to 2.6 percent in February from a year earlier.
Companies have added an average of 242,000 jobs a month over the past three months, above 2017’s pace of 182,000.
The picture drawn by Friday’s jobs report is a mixed one for the Fed, which seeks to raise short-term interest rates at just the right pace: enough to forestall inflation but not so fast as to slow economic growth.
The proportion of adults working or looking for work jumped to 63 percent from 62.7 percent, still far below its pre-recession levels in 2007.
Higher-paying, blue-collar industries reported some of the biggest increases.
Construction firms added 61,000 jobs, a figure that may have been inflated by relatively warm weather last month.
In the meantime, economists are calculating how the Trump administration’s decision Friday to impose a 25 percent tariff on steel imports and a 10 percent tariff on aluminum might affect the job market.
Gene Peters, chief executive of Rosnet, a restaurant software company, has had to offer higher pay to attract new workers.

The mantra was so popular it was taken up by popular leaders in both parties ranging from Ronald Reagan to Bill Clinton.
Read: U.S. adds 200,000 jobs with wage growth fastest in more than 8 years A record 147.8 million people were at work in January, according to the government’s survey of businesses.
Having a job is not enough, though.
Hourly wages rose at a 2.9% yearly pace in January, marking the biggest 12-month gain in eight and a half years.
Some 5.88 million jobs were available in November, according to the government’s job openings and labor turnover survey.
The Job Openings and Labor Turnover Survey, due Tuesday, is expected to show more of the same.
The quits rate is back to precession peaks, signaling that more Americans are confident they can find a better job.
About the only economic signal that’s not flashing positive is the nation’s trade deficit.
The trade gap could hit a 10-year high in December, reflecting higher prices for oil imports and increasing demand for foreign-made goods such as cell phones.
In this case, it signals that the U.S. economy is doing so well Americans can afford to buy more imported goods.

Meanwhile, the unemployment rate remained at 4.1%, matching the lowest level since December 2000 for the third straight month.
Hourly wages improved modestly during December, and rose 2.5% from a year earlier.
For all of 2017, employers added 2.1 million jobs, the seventh straight year of job growth of 2 million or better.
The pace of job creation in 2017 suggests the expansion may have more room to run eight and a half years after the most recent recession ended.
The Fed raised the rate in December to a range between 1.25% and 1.5%, and penciled in three quarter-percentage point rate increases in 2018.
Hourly wage growth has failed to match the prerecession pace, despite a lower unemployment rate.
Friday’s report showed the employers added jobs in manufacturing, construction and health care.
December marked the 87th straight month employers added to payrolls, a streak nearly twice as long as the second-best run.
Payroll growth has only topped 2% for the year once in the current upturn, in 2014.
A broad measure of unemployment and underemployment that includes Americans stuck in part-time jobs or too discouraged to look for work increased in December to 8.1% from 8.0% the prior month.

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